Securities
Stock exchanges trade in MMC Norilsk Nickel’s shares and ADRs.
As at 31 December 2017, the Company's capitalisation stood at USD 29.7 bn , up 12% y-o-y.
Ordinary shares
The Company's ordinary shares have been trading on the Russian market since 2001.
They are included in the Moscow Exchange’s Blue Chip Index (ticker symbol: GMKN) and rank among liquid instruments in the Russian securities market.
| Date | Share price, RUB | Volume, shares | Market cap at end of period, RUB bn | ||
|---|---|---|---|---|---|
| Min | Max | End of period | |||
| 2013 | 4,105 | 6,101 | 5,399 | 72,088,571 | 854 |
| 2014 | 5,150 | 10,805 | 8,080 | 75,215,906 | 1,279 |
| 2015 | 8,590 | 12,106 | 9,150 | 58,018,280 | 1,448 |
| 2016 | 8,050 | 11,070 | 10,122 | 48,275,360 | 1,602 |
| 2017, incl. | 7,791 | 11,610 | 10,850 | 49,456,624 | 1,717 |
| Q1 | 8,807 | 10,439 | 8,929 | 11,081,179 | 1,413 |
| Q2 | 7,791 | 9,186 | 8,068 | 10,419,785 | 1,277 |
| Q3 | 8,197 | 9,920 | 9,920 | 14,867,898 | 1,570 |
| Q4 | 9,876 | 11,610 | 10,850 | 13,087,762 | 1,717 |
MMC Norilsk Nickel’s registrar is Independent Registrar Company. The registrar provides a full scope of services to the Company’s shareholders. Shareholders (individuals and legal entities) listed in the Company's shareholder register have access to the Shareholder’s Personal Account, where they can:
- view the number and price of their shares,
- check dividends accrued and paid,
- see the date of the upcoming General Meeting of Shareholders,
- participate in General Meetings of Shareholders through e-voting.
Access to the personal account can be obtained at a branch of Independent Registrar Company.
For more details on the registrator, please see the Contacts section.
ADRs
In 2001, MMC Norilsk Nickel issued ADRs for its shares. Currently, shares are convertible into ADRs at a ratio of 1:10. Depositary services for ADR transactions are provided by the Bank of New York Mellon, and custody services are provided by VTB Bank.
ADRs are traded in the electronic trading system of OTC markets of the London Stock Exchange (ticker symbol: MNOD), on the US OTC market (ticker symbol: NILSY), and on many other exchanges.
As at 31 December 2017, the total number of ADRs issued against MMC Norilsk Nickel’s shares was 647,562,500, or 40.9% of the authorised capital. The number of ADRs traded on stock exchanges is not constant, and depositary receipt holders may convert their securities into shares and vice versa.
For more details on trading in the Company’s shares and ADRs, please see our website
| Date | ADR price, USD | Volume, shares | Market cap at end of period,USD mln | ||
|---|---|---|---|---|---|
| Min | Max | End of period | |||
| 2013 | 12.4 | 20.3 | 16.6 | 1,021,589,603 | 26,300 |
| 2014 | 14.2 | 21.5 | 14.2 | 1,162,822,466 | 22,503 |
| 2015 | 12.4 | 21.6 | 12.7 | 724,594,769 | 20,042 |
| 2016 | 10.4 | 18.2 | 16.8 | 647,017,484 | 26,569 |
| 2017, incl. | 13.0 | 20.2 | 18.7 | 737,658,803 | 29,655 |
| Q1 | 14.8 | 17.6 | 15.7 | 182,345,505 | 24,876 |
| Q2 | 13.0 | 16.3 | 13.8 | 144,255,268 | 21,838 |
| Q3 | 13.9 | 17.2 | 17.2 | 211,593,420 | 27,242 |
| Q4 | 17.2 | 20.2 | 18.7 | 199,464,610 | 29,655 |
Bonds
In 2017, the Company successfully placed two Eurobond issues for a total of USD 1.5 bn against a favourable market backdrop: April saw us close the offering of USD 1.0 bn Eurobonds due in 2023 with a coupon rate of 4.10% that was inside the Company's outstanding Eurobond curve, followed by a second USD 500 mln issue due in 2022 with a coupon rate of 3.849% (the lowest among the Company's outstanding bonds) placed in June.
In 2017, the Company had five Eurobond issues outstanding for a total amount of USD 4,250 mln with maturities in 2018, 2020, 2022 and 2023, and one issue of rouble exchange-traded bonds for RUB 15 bn due in 2026.
| Instrument | Eurobonds 2018 (LPN) | Eurobonds 2020 (LPN) | Eurobonds 2022 (LPN) | Eurobonds 2022 (LPN) | Eurobonds 2023 (LPN) |
|---|---|---|---|---|---|
| Issuer | MMC Finance D.A.C. | MMC Finance D.A.C. | MMC Finance D.A.C. | MMC Finance D.A.C. | MMC Finance D.A.C. |
| Issue size | USD 750 mln | USD 1,000 mln | USD 500 mln | USD 1,000 mln | USD 1,000 mln |
| Coupon rate | 4.375% | 5.55% | 3.849% | 6.625% | 4.10% |
| Offering date | 30 April 2013 | 28 October 2013 | 8 June 2017 | 14 October 2015 | 11 April 2017 |
| Maturity date | 30 April 2018 | 28 October 2020 | 8 April 2022 | 14 October 2022 | 11 April 2023 |
| Coupon dates | 30 October / 30 April | 28 October / 28 April | 8 October / 8 April | 14 October / 14 April | 11 October / 11 April |
| Issue rating | BBB-/Bаa3/BBB- | BBB-/Bаa3/BBB- | ВВВ-/ – /ВВВ- | BBB-/Bаa3/BBB- | ВВВ-/ – /ВВВ- |
| Instrument | Exchange-traded bonds, BO-05 |
| Issuer | MMC Norilsk Nickel |
| ISIN | RU000A0JW5C7 |
| Offering date | 19 February 2016 |
| Maturity date | 6 February 2026 |
| Issue size | RUB 15 bn |
| Coupon rate | 11.60% |
| Coupon dates | Each 182 days starting from the offering date |
As at the end of 2017, the Company boasted credit ratings from three leading international rating agencies:
Fitch Ratings: BBB– / Stable
Standard & Poor's: BBB– / Stable
Moody's: Ba1 / Stable
On 30 January 2018, Moody's upgraded Nornickel's credit rating to Ваа3 (investment grade) and raised its outlook from stable to positive following an increase in Russia's country ceilings for foreign currency debt to the same Baa3 level and a change in the outlook on Russia’s rating from stable to positive. The Company's credit ratings from all the three rating agencies (Fitch, Moody’s and S&P Global) currently qualify as investment grade.